2016 Will Be the Best Year in a Decade

A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, exclaimed: “All indicators point to this spring being the busiest since 2006.”

Now, Freddie Mac has doubled down on that claim and is saying that 2016 will be the best year that the real estate industry has seen in a decade. In their March Housing Outlook Report, Freddie Macexplained:

“Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”

The key indicators that have given Freddie Mac such a positive outlook are:

Low interest rates

A resilient labor market

An increase in household formations

A projected increase in newly constructed homes

Bottom Line

2016 looks to be shaping up as a great year for residential real estate. Whether you are thinking of buying or selling, we should meet up to discuss the new opportunities that are arising in your market.

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About Melinda Robison

Melinda is a member of the Grand Rapids Association of REALTORS and a full time Real Estate Consultant for one of the most respected and award winning companies in West Michigan, Five Star Real Estate.

The best advocate of Melinda’s professionalism and service are the many satisfied clients who know what a powerful difference Melinda made in their move. She is committed to helping people make quality decisions and ensuring that the details of your transaction will be addressed professionally with sensitivity to your needs.